When it’s time to begin retirement planning, many seniors get overwhelmed. How much will retirement cost? Will I be able to afford it? What if I can’t live the lifestyle I want? There are so many questions that go through their minds, and it can often be remedied by planning far ahead in the future. “Truth be told, it’s never too early to start planning for retirement,” says Kelly Carroll, Director of Community Relations at YourLife™ of Palm Beach Gardens, offering Independent Living with Supportive Services, Assisted Living and Memory Care in Palm Beach Gardens, Florida. “Not only can it help you save up to afford the lifestyle you’ve dreamed of, but it can also ward off any uncertainty, fear or anxiety of rising future health care costs. While you may think you don’t need to save a lot of money at a time, or that you’ll figure it out when the time comes, that’s never a good plan. In fact, it’s likely to leave you in a state of panic should your health needs change rapidly. Even worse, if you’re unable to make your health care decisions for yourself, it leaves your family burdened with the task. Planning and calculating the cost of retirement is best done as soon as possible, no matter what your desires are.”
Financial Planning 101
When calculating the cost of retirement, it’s important to realize there are a number of options available to you.
- Consider your wishes for future care. Do you want to retire and move to a continuing care retirement community where all your needs can be met in one place? Traditionally, they are a little pricier, but your health care costs will not rise as drastically, if at all, in comparison to Independent Living communities. If you plan to retire and stay at home, consider the costs of home care – which can be costly – both in the health care aspect and the social aspect. Make sure to be knowledgeable about all your options and plan accordingly.
- Consider how you’ll pay for it. There are a number of ways to pay for the cost of retirement, including retirement savings, investments, real estate, Veterans benefits, long-term care insurance and Medicaid. Be aware that Medicare doesn’t usually cover long-term care, and that the sooner you begin planning, the less you are likely to pay.
- Start saving. If you don’t have one already, start a 401k or IRA. This is one of the most common ways to pay for retirement. Even better, the sooner you start, the more you’ll accumulate, maximizing your retirement benefits.
- Make sure your goal is accurate. Too often, seniors just guess at what retirement will cost. To better help you set the right goal, try the AARP® Retirement Calculator. It can also help to meet with a financial advisor and experts within the senior living field. Consider setting up a meeting with a senior living community you like to find out how much it’s likely going to cost to live there. Experts at communities such as YourLife™ of Palm Beach Gardens are likely able to give you some advice and guidance on how to ensure your goal is met.
If you need some guidance or assistance, or to learn more about planning for the future, YourLife™ of Palm Beach Gardens is here to help. We invite you to contact us today!
Inspired • Engaged • Fulfilled
Offering Independent Living with Supportive Services, Assisted Living and Memory Care, YourLife™ of Palm Beach Gardens was designed specifically with residents in mind. We know your life is shaped by family, friends, hobbies, passions and more, so we’ve created a community where you can enjoy comfort, independence and engagement, all while having the peace of mind of 24-hour support and the freedom to define your own lifestyle. Here, we shape each thing we do around you, from your routines and interests to your choices and preferences, to create an inspiring lifestyle that fits YourLife™ perfectly. Because we are completely shaped around you, our residents get more out of their lives. With exceptional care delivered by a dedicated and compassionate team and a fulfilling lifestyle full of choice and convenience, residents have the support they need to live as independently and engaged as possible. Each day holds something new for residents. Whether they are enjoying our exclusive activities, learning something new or simply engaging in our YourStory programming, we create an individual experience centered around each resident. Do you enjoy making new discoveries and trying new hobbies, simply want to continue the hobbies you love or enjoy some time to yourself to relax? At YourLife™ of Palm Beach Gardens, the choice is up to you. Contact us to learn more! Call us at 561-246-6102 for more information or to schedule a personal visit today.